UC Funds exceeds $120 million in financing with the 12th closing through its UC GO Platform
Charlotte, NC – May 7, 2018 – UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $16 million first mortgage loan for the acquisition and renovation of Brookridge and Meadowbrook Apartments, two multifamily properties totaling 302 units. The buildings are situated five miles apart, and approximately five miles east of downtown Charlotte, North Carolina. Brookridge Apartments, located at 9023 East WT Harris Boulevard, consists of 21, two-story buildings, totaling 150 units. The property was built in 1976 on an 11.1-acre site. Meadowbrook Apartments, located at 2320 Ginger Lane features 10, two-story buildings comprised of 152 units. Built in 1973, the asset sits on a 10.1-acre site. The properties were acquired by their previous owner shortly after construction. Amenities for each include a pool, clubhouse and laundry facilities.
The renovation program will bring down units online, upgrade interiors, improve amenities, and complete the rebranding of both properties. The borrower will take over management upon acquisition.
UC GO, UC Funds’ newest commercial mortgage product, was key in funding the transaction. The closing surpasses UC GO’s $120 million mark and represents the 12th deal closed since the program’s launch in July 2017. The non-recourse loan is the lowest rate, most competitive commercial mortgage product currently available in commercial real estate. In a March 2018 collaboration with UC Funds the borrower leveraged UC GO to close a $12.8 million loan for the acquisition and renovation of Park Fairfax and Colonial Place, another pair of Charlotte-based multifamily properties.
“This closing marks our second successful transaction with the borrower,” said Daniel M. Palmier, President and CEO of UC Funds. “It’s a testament to the importance of relationship building in today’s crowded lending environment. Our shared experience in multifamily, combined with Charlotte’s steady population growth will undoubtedly yield a significant profit.”
Charlotte is the second largest city in the southeastern United States and the 17th nationwide. Clusters of multifamily, retail, and industrial developments contribute greatly to the area’s rapidly growing commercial real estate market. Brookridge and Meadowbrook are surrounded by several major demand drivers, including the headquarters of Atrium Health, the largest non-profit hospital system throughout the Carolinas. The proximity of University Of North Carolina Charlotte and Central Piedmont Community College further adds to the assets’ appeal.
Providing over $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.
About UC Funds
Founded in 2010 by Daniel M. Palmier, UC Funds is a vertically integrated commercial real estate specialty finance firm that originates, structures, underwrites, and asset manages its estate investments. A national balance sheet provider of both debt and equity capital solutions, UC Funds has provided over $2 billion of capital solutions to date. UC Funds offers quick and customized financial solutions throughout the entire capital stack, including joint venture equity. One of the nation’s most entrepreneurial lending institutions, UC Funds focuses on multifamily, retail, office, hotel, industrial/warehouse, adaptive reuse, and construction assets nationwide. The firm has developed strong relationships with past and current borrowers through their renowned customer service, creativity, speed, and reliability. In July 2017 UC Funds announced the launch of their industry leading non-recourse commercial mortgage bridge loan, UC GO. This is the most transformative and competitive commercial mortgage product available in commercial real estate. The variable rate non-recourse product, which starts at LIBOR +350, is available for loans as little as $5 million. To apply for UC GO financing, please contact Domenico Manago, Managing Director of Sales, at 857-288-2811 or email Dmanago@ucfunds.com. For more information on UC Funds, visit www.UCFunds.com or https://danielpalmier.ucfunds.com/.